Type of Bank Account for Section 8 Company

Maharishi Baba (1 Points)

28 March 2021  

Dear Sir,

I have recently registered a Section 8 Company ( a nonprofit) under companies act 2013. The authorized share and paid-up capital each is Rs. 100,000/-  

I want to know that if it is mandatory to open CURRENT ACCOUNT only , or Saving ACCOUNT can also be opened instead of current account? 

There are websites of BANKS showing Institutional Saving accounts, but not clear if there is any guideline from RBI that section 8 company can have Saving Account  instead of current account. 

 

Please guide on this.

 

Regards,